We use cookies to customise content for your subscription and for analytics.If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.

Results: 1-10 of 45

Yesterday, the European Commission voted to approve the financial supervision reform package, which will shift the manner in which banks, stock markets and insurance companies are supervised and policed in Europe

Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, chaired by Senator Christopher Dodd (D-CT), held a hearing entitled “American International Group (AIG): Examining What Went Wrong, Government Intervention, and Implications for Future Regulation.”

On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed First National Bank of the South, headquartered in Spartanburg, South Carolina

Following its two-day meeting in Lecce, Italy, the G8 Finance Ministers released a statement over the weekend acknowledging the coordinated efforts taken by international community to address the global economic crisis and focusing on the actions that must be taken in the months ahead to ensure "the soundness of systemically important institutions" and that "consumer and investor confidence is fully restored and that growth is underpinned by stable financial markets and strong fundamentals."

Yesterday, in a speech at the International Banking Conference of British Bankers Association in London, E.U. Competition Commissioner Neelie Kroes stated that, while government intervention efforts had alleviated the crisis, the focus should now be directed towards helping “restore long-term viability to the system,” since European governments are “potential spending 16.5 of GDP on bailouts.”

Today, the federal banking agencies, including the OCC, Federal Reserve, FDIC and OTS issued their joint annual report to the House Financial Services Committee and the Senate Banking Committee describing the differences between the accounting and capital standards used by the agencies